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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Absa | LSE:101N | London | Ordinary Share | ZAE000067237 | ABSA GROUP LIMITED |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:3956U
Barclays PLC
21 November 2005
BARCLAYS PLC
21 November 2005
Shareholders are advised that Absa, in which Barclays PLC has a shareholding of
over 56%, has today made the Profit and Dividend announcement as set out below.
Text of Absa announcement made on Monday 21 November 2005.
ABSA GROUP LIMITED - PROFIT AND DIVIDEND ANNOUNCEMENT
Incorporated in the Republic of South Africa)
Registration number: 1986/003934/06)
("Absa")
JSE Code: ASA
Issuer code: AMAGB
ISIN Code: ZAE000067237
INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
SALIENT FEATURES
Six months Year
ended ended
30 September 31 March
2005 2004 Change % 2005
(Unaudited) (Unaudited) (Audited)
Income statement (Rm) (Restated)* (Restated)*
Headline earnings 3 008 2 415 24,6 5 394
Profit attributable to
equity holders 2 888 2 354 22,7 5 419
Balance sheet (Rm)
Total assets 381 147 311 510 22,4 347 163
Loan and advances to 300 129 242 626 23,7 268 240
customers
Deposits due to customers 278 529 231 993 20,1 251 985
Financial performance (%)
Return on average equity 25,0 24,1 25,3
Return on average assets,
excluding acceptances 1,65 1,56 1,65
Operating performance (%)
Net interest margin on
average assets 3,35 3,40 3,25
Net interest margin on
average interest- bearing assets 3,80 3,81 3,70
Impairment losses on loans
and advances as % of
loans and advances to customers 0,35 0,55 0,52
Non-performing advances as
% of loans and advances to 1,8 3,0 2,2
customers
Non-interest income as % of
operating income 49,7 51,8 53,8
Cost-to-income ratio 59,9 59,0 56,6
Share statistics (million)
Number of shares in issue 666,9 651,1 655,1
Weighted average number of 661,4 650,6 652,1
shares
Weighted average diluted 693,0 665,5 677,3
number of shares
Share statistics (cents per
share)
Headline earnings per share 454,8 371,2 22,5 827,2
Diluted headline earnings 434,9 363,6 19,6 797,9
per share
Earnings per share 436,7 361,8 20,7 831,0
Diluted earnings per share 417,6 354,5 17,8 801,6
Dividends per share
declared, relating to income for 160,0 95,0 68,4 295,0
the period
Dividend cover (times) 2,8 3,9 2,8
Net asset value per share 3 752 3 180 18,0 3 569
Capital adequacy (%)
Absa Bank 11,2 12,6 11,4
Absa Group 11,7 13,2 12,0
*Restated for International Financial Reporting Standards (IFRS), we draw your
attention to our SENS announcement on 25 October 2005.
GROUP INCOME STATEMENT
Six months Year
ended ended
30 September Change 31 March
2005 2004 % 2005
(Unaudited) (Unaudited) (Audited)
(Restated) (Restated)
Rm Rm Rm
Net interest income 6 249 5 162 21,1 10 431
Interest and similar income 14 946 13 668 9,4 27 160
Interest expense and similar
charges (8 697) (8 506) (2,2) (16 729)
Impairment losses on loans and
advances (494) (637) 22,4 (1 284)
5 755 4 525 27,2 9 147
Net fee and commission income 4 370 4 049 7,9 8 816
Fee and commission income 4 846 4 441 9,1 9 599
Fee and commission expense (476) (392) (21,4) (783)
Net insurance premium income 1 234 1 012 21,9 2 051
Insurance premium revenue 1 355 1 150 17,8 2 341
Premiums ceded to reinsurers (121) (138) 12,3 (290)
Net claims and benefits paid (522) (436) (19,7) (929)
Gross claims and benefits paid
on insurance contracts (597) (463) (28,9) (1 023)
Reinsurance recoveries 75 27 177,8 94
Gains and losses from banking
and trading activities 344 383 (10,2) 870
Gains and losses from
investment activities 880 412 113,6 1 228
Transfer to Life Fund (729) (284) (156,7) (668)
Other operating income 607 407 49,1 800
Net operating income 11 939 10 068 18,6 21 315
Operating expenses (7 890) (6 778) (16,4) (13 727)
Other operating expenses (7 450) (6 318) (17,9) (12 785)
Other impairments - (84) 100,0 (137)
Indirect taxation (440) (376) (17,0) (805)
Share of profit of associates 66 39 69,2 78
Operating profit before income 4 115 3 329 23,6 7 666
tax
Income tax expense (1 185) (934) (26,9) (2 172)
Profit for the period after 2 930 2 395 22,3 5 494
tax
Attributable to:
Equity holders 2 888 2 354 22,7 5 419
Minority interest 42 41 2,4 75
2 930 2 395 22,3 5 494
DETERMINATION OF HEADLINE EARNINGS
Six months Year
ended ended
30 September 31 March
2005 2004 Change 2005
(Unaudited) (Unaudited) % (Audited
(Restated) (Restated)
Rm Rm Rm
Profit attributable to
equity holders 2 888 2 354 22,7 5 419
Adjustments for:
Net profit on disposal of
property and equipment (13) (5) >(100,0) (12)
Net profit on disposal of
available-for-sale assets,
strategic investments,
associated undertakings and joint 115 (18) >100,0 (150)
ventures and subsidiaries
Impairment of strategic and
available-for-sale
investments,
associated undertakings and 8 - 100,0 30
joint ventures and property
Amortisation of
available-for-sale 10 - 100,0 -
liquid assets
Goodwill impaired and - 84 (100,0) 107
written-off
Headline earnings 3 008 2 415 24,6 5 394
GROUP BALANCE SHEET
Six months Year
ended ended
30 September 31 March
2005 2004 Change 2005
(Unaudited) (Unaudited) % (Audited)
(Restated) (Restated)
Rm Rm Rm
Assets
Cash, cash balances and
balances with central banks 12 642 11 264 12,2 13 183
Statutory liquid asset 15 219 12 359 23,1 14 384
portfolio
Loans and advances to banks 3 099 3 981 (22,2) 2 847
Trading assets 22 902 17 194 33,2 21 351
Hedging derivative assets 870 351 >100,0 600
Loans and advances to 300 129 242 626 23,7 268 240
customers
Reinsurance contracts 327 95 >100,0 320
Current tax assets 9 15 (40,0) 5
Deferred tax assets 174 191 (8,9) 183
Investments 13 694 13 174 3,9 13 599
Investments in associated
undertakings and joint 562 643 (12,6) 607
ventures
Intangible assets 181 191 (5,2) 197
Property and equipment 3 096 3 086 0,3 3 209
Other assets 8 136 6 087 33,7 8 246
Clients' liabilities under
acceptances 107 253 (57,7) 192
Total assets 381 147 311 510 22,4 347 163
Liabilities
Deposits from banks 24 445 17 891 36,6 24 370
Trading liabilities 21 684 16 215 33,7 20 028
Hedging derivative liabilities 1 884 1 139 65,4 1 610
Deposits due to customers 278 529 231 993 20,1 251 985
Liabilities under investment
contracts 5 644 3 041 85,6 4 325
Liabilities under insurance
contracts 2 167 1 800 20,4 1 939
Provisions 1 492 1 321 12,9 1 509
Other liabilities 10 639 7 836 35,8 9 757
Borrowed funds 7 039 7 220 (2,5) 5 590
Current tax liabilities 485 728 (33,4) 493
Deferred tax liabilities 2 010 1 216 65,3 1 860
Liabilities to clients under
acceptances 107 253 (57,7) 192
Total liabilities 356 125 290 653 22,5 323 658
Equity
Capital and reserves
attributable to equity
holders:
Share capital 1 325 1 301 1,8 1 310
Share premium 1 857 1 443 28,7 1 611
Retained earnings 21 118 17 115 23,4 19 967
Other reserves 518 831 (37,7) 385
24 818 20 690 20,0 23 273
Minority interest 204 167 22,2 232
Total equity 25 022 20 857 20,0 23 505
Total equity and liabilites 381 147 311 510 22,4 347 163
Contingent liabilities 17 189 20 500 (16,2) 16 630
GROUP STATEMENT OF CHANGES IN EQUITY
30 September 31 March
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
(Restated) (Restated)
Rm Rm Rm
Share capital 1 325 1 301 1 310
Opening balance 1 310 1 291 1 291
IFRS adjustment - treasury shares Absa
Life (2) - -
Shares issued 24 - 8
Consolidation of treasury shares held
by Absa Life 1 - -
Consolidation of Absa Group Limited
Share Incentive Trust (8) 10 11
Share premium 1 857 1 443 1 611
Opening balance 1 611 1 309 1 309
IFRS adjustment - treasury shares Absa
Life (40) - -
Shares issued 382 - 112
Consolidation of treasury shares held
by Absa Life 10 - -
Consolidation of Absa Group Limited
Share Incentive Trust (106) 134 190
Other reserves 518 831 385
Opening balance as previously reported 385 755 755
IFRS adjustments applied retrospectively - 10 10
Movement in foreign currency
translation reserve (5) 8 30
Movement in regulatory general credit
risk reserve 17 69 (332)
Movement in available-for-sale assets
reserve (17) (67) (73)
Movement in cash flow hedges reserve 12 19 (54)
Movement in insurance contingency
reserve 19 21 31
Movement in associated undertakings
and joint ventures' retained earnings
reserve 66 3 (22)
Movement in share-based payments
reserve 41 13 40
Retained earnings 21 118 17 115 19 967
Opening balance as previously reported 19 967 15 995 15 995
IFRS adjustments applied retrospectively - (424) (424)
IFRS adjustments applied prospectively (302) - -
Consolidation of Absa Group Limited
Share Incentive Trust and other - - (6)
Transfer to insurance contingency
reserve (19) (21) (31)
Transfer (to)/from associated
undertakings and joint ventures'
retained earnings reserve (66) (3) 20
Transfer (to)/from regulatory general
credit risk reserve (17) (69) 332
Profit attributable to equity holders 2 888 2 354 5 419
Dividends paid during the period (1 333) (717) (1 338)
Total shareholders' equity at end of
period 24 818 20 690 23 273
Minority interest 204 167 232
Opening balance as previously reported 232 171 171
IFRS opening balance adjustments
applied retrospectively - 4 4
Other reserve movements (70) (49) (18)
Minority share of profit 42 41 75
Total equity 25 022 20 857 23 505
GROUP CASH FLOW STATEMENT
Six months Year
ended ended
30 September 31 March
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
(Restated) (Restated)
Rm Rm Rm
Net cash flow from operating activites 417 1 392 5 908
Net cash flow from investing
activities (1 822) (1 029) (3 658)
Net cash flow from financing
activities 459 (558) (2 526)
Net decrease in cash and cash
equivalents (946) (195) (276)
Cash and cash equivalents at the
beginning of the period 6 796 7 077 7 077
Other movements (5) (6) (5)
Cash and cash equivalents at the end
of the period 5 845 6 876 6 796
PROFIT CONTRIBUTION BY BUSINESS AREA
Six months Year
ended ended
30 September 31 March
2005 2004 Change 2005
(Unaudited) (Unaudited) % (Audited)
(Restated) (Restated)
Rm Rm Rm
Banking operations
Retail banking 1 317 1 067 23,4 2 397
Absa Private Bank 99 78 26,9 221
Retail Banking Services 211 161 31,1 404
Flexi Banking Services 107 79 35,4 203
Absa Home Loans and
Repossessed 498 410 21,5 837
Properties
Absa Card 244 197 23,9 441
Small Business 158 143 10,5 290
Commercial banking 800 602 32,9 1 403
Business Banking Services 458 381 20,2 844
Absa Vehicle and Asset 342 221 54,8 559
Finance
Wholesale banking and
international operations 398 307 29,6 843
African operations 70 43 62,8 71
Corporate centre (103) (24) >(100,0) (288)
Capital and funding centre 1 (39) >100,0 (159)
Total banking 2 483 1 956 26.9 4 267
Insurance, fiduciary and
investment operations 645 459 40,5 1 127
Costs relating to the
Barclays (120) - >(100,0) -
transaction
Total headline earnings 3 008 2 415 24,6 5 394
Profit commentary
Sustained earnings growth
Absa Group Limited produced a solid performance for the six months under review
with all the business clusters delivering strong earnings growth. These results
are the first the Group is reporting under International Financial Reporting
Standards (IFRS). Headline earnings increased by 24,6% to R3 008 million in
comparison with headline earnings of R2 415 million for the corresponding period
of the previous financial year. Headline earnings per share increased by 22,5%,
from 371,2 to 454,8 cents per share.
Retail banking, commercial banking and the bancassurance operations have
performed particularly well in an environment characterised by buoyant retail
market conditions and a strong domestic equity market. Retail banking lifted
earnings by 23,4%. Commercial banking and bancassurance operations grew earnings
by 32,9% and 40,5% respectively. Wholesale banking increased earnings by 29,6%
in a challenging market.
The Group delivered a return of 25,0% on average shareholders' equity (September
2004: 24,1%). An interim dividend of 160 cents per share has been declared,
representing an increase of 68,4% over the 95 cents per share declared in
November 2004.
The Group's sound capital position, together with the primary capital
requirement for banks, which is expected to be reduced to 6% of risk-weighted
assets from 1 January 2006, facilitated a lowering of the interim dividend cover
to 2,8 times.
The Barclays transaction
Barclays Bank PLC acquired 53,96% of the Group's shares on 27 July 2005. It has
since increased its shareholding to 56,40% (30 September 2005). Management, with
the assistance of expertise obtained from Barclays, is progressing well with the
implementation programme aimed at delivering sustainable pre-tax synergy
benefits amounting to R1,4 billion per annum four years after the completion of
the transaction.
Diluted headline earnings per share
The appreciation in the share price and the resultant increase in value of the
options issued to the Absa Group Limited Share Incentive Trust, the Absa Share
Ownership Trust and Batho Bonke Capital (Proprietary) Limited, Absa's black
economic empowerment partner, diluted headline earnings by 19,9 cents per share
to 434,9 cents per share. Accordingly, the growth in fully diluted headline
earnings per share was 19,6% compared with the same period of the previous
financial year.
Accounting policies
Absa implemented IFRS with effect from 1 April 2005. The opening balance sheets
at 1 April 2004 and 1 April 2005 have been restated accordingly. The comparative
income statement for the six months to September 2004 and the balance sheet at
that date have also been restated.
The full impact of IFRS was set out in a separate announcement made to the
market on 25 October 2005 and is also contained in the interim financial results
booklet and on the Group's website (www.absa.co.za). As IFRS are implemented
internationally, evolving practices with regard to the interpretation and
application of standards under IFRS could impact future reported results and
disclosure.
Operating environment
Domestic demand conditions remained buoyant during the six months ended
September 2005 and the sales of motor vehicles and other durable goods showed
rapid growth. Much of this was financed by credit and assisted by a further 50
basis point reduction in interest rates.
Consumers continued to take on debt and debt-to-disposable income is currently
at 61,8%, the highest level on record since 1990. In a low interest rate
environment this could go even higher.
The rand weakened slightly from the very strong levels of below R6,00 to the
dollar that were recorded during the first quarter of 2005. This aided the
recovery of the primary and secondary sectors.
Despite a strong increase in fixed capital formation, the economy has been
running at very high levels of capacity utilisation. This, together with the
escalation in fuel prices, caused a pick-up in inflation.
The moderately deteriorating inflation outlook, together with high levels of
credit extension growth and a larger current account deficit, have prompted the
authorities to warn of a potential interest rate increase. This prospect is
bound to ease the rate of growth in credit demand, although any interest rate
increases will most likely be too small to have a material impact on default
rates.
Group performance
Net interest income increased by 21,1% because of strong advances growth of
23,7% and stable margins. The implementation of IFRS, which resulted in the
reclassification of certain fee income as margin income, has countered the
margin pressure that followed the change in the funding mix in favour of
wholesale deposits and the impact of increased competition on customer lending
rates.
The Group's bad debt experience benefited from improved and prudent credit
management techniques as well as the relatively low and stable interest rate
environment. The impairment ratio, which reflects the impairment losses on loans
and advances as a percentage of average loans and advances to customers, of
0,35% compares with 0,55% at 30 September 2004 and 0,52% for the full year to
March 2005. Non-performing loans improved to 1,8% (September 2004: 3,0%) of
loans and advances. The levels of provisions held in the Group are prudent and
adequately cover the risks of uncollectable amounts.
Solid transaction volume growth and the continued increase in the retail
customer base resulted in fee and commission income increasing by 9,1%. The
reclassification of certain fees as margin income and the moderate level of
price increases impacted fee revenue growth.
Insurance-related income grew strongly and treasury trading income increased by
19,5%. Investment income benefited from the strong domestic equity market. The
gains for the six months amounted to R407 million, excluding gains attributable
to policyholders, up 156,0% from the corresponding period.
The IFRS reclassification of fees caused non-interest income as a percentage of
operating income to decline to 49,7%, which is below the Group's objective of
maintaining a ratio of 50% or more.
The cost-to-income ratio increased to 59,9% after costs grew by 17,9% in the
period under review. Investments have been made in the expansion and improvement
of Absa's branch and ATM network. Regulatory compliance initiatives also drove
up costs. The number of employees engaged in sales and customer service
initiatives has also been increased. The costs incurred as a result of the
Barclays transaction amounted to R120 million (after taxation) and the Barclays
implementation programme added a further R61,1 million (after taxation).
Segmental reporting
Retail banking - Headline earnings up 23,4%
Retail banking increased its headline earnings contribution by 23,4%, with
strong performances from all business units. This strong performance resulted
from a buoyant consumer and property market and the low interest rate
environment. Gross advances growth was 31,1%. The main driver was mortgage loan
growth of 34,7%, well-supported by credit card and personal loan growth of 29,5%
and 23,5% respectively.
Fees in some instances remained unchanged and where fees were increased with
effect from April 2005, these were kept well below the inflation rate. Growth in
non-interest income amounted to 10,8%, mainly as a result of increased
transaction volumes. The growth in transaction volumes emanated from increased
activities of existing customers and an increase in the number of customers from
6,9 million in March 2005 to 7,4 million in September 2005.
The credit impairment charge in the retail market declined to a historical low
of 0,13%. This charge reflects the quality of the advances portfolio and the
improved net worth of customers partly owing to the strong growth in residential
property values.
During the six months under review, 20 new staffed outlets were opened, mainly
in previously disadvantaged areas, and a further 76 upgraded. An additional 390
automated teller machines (ATMs) were installed. This, together with the
branches and ATMs rolled out during the previous financial year, resulted in
relatively high cost growth of 16,1%. This expansion of the Group's delivery
reach enhances the sustainability of future revenue growth and provides access
to financial services to a far greater proportion of the South African
population.
Commercial banking - Headline earnings up 32,9%
Commercial banking now contributes approximately one quarter of the Group's
headline earnings. Gross advances and deposits were up by 18,8% and 19,5%
respectively and were driven by the large and medium business segments and asset
and vehicle financing.
Business Banking Services experienced some margin pressure on selected advance
and deposit products, resulting in net interest growth of 9,4%. The credit
impairment charge was lower despite the solid advances growth. The impairment
ratio stands at 0,69%. Management was able to restrict operating expenditure
growth to below 10% by focusing on a more streamlined operating model to
optimise operational costs by sharing resources and structures.
During recent years, Absa Vehicle and Asset Finance (AVAF) has extended its
reach beyond the traditional markets of vehicle finance into other classes of
commercial moveable assets. It has also extended its service offering in the
area of fleet management.
This has been achieved through organic growth and the acquisition of Union
Finance (office automation finance) and Avena LeasePlan (fleet management) in
recent years. The full impact of these acquisitions is starting to reflect in
the results. These entities have been renamed Absa Technology Finance Solutions
and Absa Vehicle Management Solutions respectively.
In AVAF's traditional market, low interest rates and a lack of vehicle price
increases have boosted demand for vehicle sales to record highs, with a
corresponding demand for vehicle finance.
AVAF has also pursued a strategy of forming strategic alliances with
manufacturers and dealer groups, which is paying dividends. During the period,
three new alliances were formed.
AVAF is becoming a major force in the heavy and extra heavy truck finance
market. This growth, combined with the focus on generating fee-based income and
cost containment emanating from the new business model introduced in recent
years and a low bad debt experience, contributed to the impressive headline
earnings growth.
Wholesale banking - Headline earnings up 29,6%
Earnings from merchant banking grew strongly following good deal flow in the
areas of empowerment and project finance. Corporate credit demand remains
subdued but corporate banking benefited from low credit losses and a solid
increase in transactional banking. Revenue from treasury trading activities was
higher as a result of an increase in equity-related and customer foreign
exchange trading activities, which resulted in a lower risk profile and less
volatility.
The winding down of the Group's international operations in Singapore and Asia
is almost complete. The net contribution of these two offices has been a loss of
R66 million. The business conducted in the London office has been scaled down
and now focuses on the offshore needs of South African corporates and on
sub-Saharan African transactions.
Other African operations - Headline earnings up 62,8%
The earnings from banking operations in other African countries are somewhat
distorted by an initiative to align their reporting periods with that of the
Absa Group. In the past, some of the earnings of these banks have been accounted
for in arrears. The periods are now fully aligned, with the effect that more
than six months of earnings are included in this period. If the impact of the
additional months are excluded, the growth in headline earnings would have been
29,1%.
The portfolio of banks has continued to perform according to expectations with
strong performances from the National Bank of Commerce in Tanzania and Bank
Windhoek in Namibia.
Financial services - Headline earnings up 40,5%
The Group's bancassurance activities performed exceptionally well, with very
strong operational and underwriting performances by both the life assurance and
short-term insurance operations. Buoyant equity markets also contributed
handsomely.
The main drivers of Absa Life's earnings were improved product sales, favourable
claims and lapse experiences and operational efficiency gains. A mild winter and
generally stable weather conditions contributed to good profitability on
short-term property insurance.
The Absa money market fund grew by R1,8 billion to R38,2 billion.
Absa Brokers posted an improved performance, resulting mainly from benefits
derived from short-term broking through e-delivery business as well as the
operationalisation of the data brokers where strong sales growth was
experienced.
Net asset value and capital adequacy
Absa's strong operational performance increased the net asset value of the Group
by 18,0% from 3 180 cents per share to 3 752 cents per share.
On the basis of the prescribed consolidated capital requirements of the South
African Reserve Bank (SARB), the Group's capital stood at 11,7% of risk-weighted
assets at 30 September 2005 (March 2005: 12,0%). Absa Bank's primary capital
ratio was 7,5% (March 2005: 8,0%) and the secondary capital ratio was 3,7%
(March 2005: 3,4%).
Prospects
Consumer demand for credit is expected to remain strong for the near-term,
albeit not as buoyant as over the past 18 months. Inflation is expected to
remain within the government's target of 3-6% and interest rates are likely to
increase slightly over the next year.
Interest margins are expected to contract further as a result of the competitive
landscape and an increased reliance on wholesale funding.
Credit quality is expected to remain sound and the charge to the income
statement relatively low.
The Group expects earnings growth momentum to be maintained for the remainder of
the current financial reporting period ending 31 December 2005.
On behalf of the board
D C Cronje S F Booysen
Chairman Group chief executive
21 November 2005
Declaration of ordinary dividend number 38
Shareholders are advised that an interim dividend of 160 cents per ordinary
share was declared on Monday, 21 November 2005, and is payable to shareholders
recorded in the register of members of the company at the close of business on
Friday, 23 December 2005. In compliance with the requirements of STRATE, the
electronic settlement and custody system used by the JSE, the following salient
dates for the payment of the dividend are applicable:
Last day to trade cum dividend Thursday, 15 December 2005
Shares commence trading ex dividend Monday, 19 December 2005
Record date Friday, 23 December 2005
Payment of dividend Tuesday, 27 December 2005
Share certificates may not be dematerialised or rematerialised between Monday,
19 December 2005, and Friday, 23 December 2005, both dates inclusive. On
Tuesday, 27 December 2005 the dividend will be electronically transferred to the
bank accounts of certificated shareholders who use this facility. In respect of
those who do not, cheques dated 27 December 2005 will be posted on or about that
date. The accounts of shareholders who have dematerialised their shares (which
are held at their central securities depository participant or broker) will be
credited on Tuesday, 27 December 2005.
On behalf of the board
W R Somerville
Group secretary
21 November 2005
Inquiries:
Jacques Schindehutte 2711 350-4850
Eric Wasserman 2711 350-5887
Grant Lewis 2711 350-5386
Issued by:
Sue Steyn
Investor Relations
Absa Group Limited
4th floor, Absa Towers East, 170 Main Street, Johannesburg.
Tel: 2711 350-4394. Fax: 2711 350-6487
E-mail: sues@absa.co.za
Date: 21 November 2005
For further information, please contact:
Barclays PLC
Investor Relations Media Relations
Mark Merson/James S Johnson Chris Tucker/Jo Thethi
+44 (0) 20 7116 5752/2927 +44 (0) 20 7116 6223/6217
This information is provided by RNS
The company news service from the London Stock Exchange
END
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